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Seminar 1

In: Business and Management

Submitted By simplez111
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What is operations management? * OM deals with the design, operation and improvement of the production system that create the firm’s primary products or services. * Operations include any process that accepts inputs and use resources to transform these inputs into valuable outputs- strategic (next 20 years), tactical (next 1 or 2 years) and operational (now) decisions. * All physical products used and all services used was created/impacted by operations.
Importance of OM * Bottom line and profitability of every business are affected by how well it manages its operations, be it a manufacturing or service organisation. * Improving and streamlining and business processes and operations can have a significant impact to the shareholder value. * Good operations can contribute to the top line (corporate sales/revenue).
Challenges facing OM * Product proliferation (variety: customers may not always see the difference) * Decreasing profit margins * Short product life cycles (new products produced quickly) * Long supply chains- coordination issues * Continuous new product launches to meet market place requirements * Being on top of innovation curve

OM in the organisation * Marketing: generates sales revenue from product and service outputs * Finance: acquires financial resources and capital for inputs * Operations: translates materials and service into outputs * Support functions: accounting, info systems, engineering, HR.
Operations strategy * Involves configuring and developing business processes that will enable the firm to produce and deliver the products specified by the business strategy * Internal processes and interfaces between inputs and output markets (means by which operations implements corporate strategy & helps build a customer driven firm)
4 perspectives on operations strategy…...

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